North America Heavy Construction Equipment Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031245 | Category: Manufacturing and Construction
No. of Pages: 150 | Report Code: BMIRE00031245 | Category: Manufacturing and Construction
The Last Heavy Construction Equipment Market size is expected to reach US$ 89.29 billion by 2031 from US$ 59.85 billion in 2023. The market is estimated to record a CAGR of 6.05% from 2023 to 2031.
The North American heavy construction equipment market is driven by infrastructure development, economic growth, urbanization, and technological innovations. The US, Canada, and Mexico are contributing significantly to the demand for heavy machinery and construction equipment such as excavators, cranes, bulldozers, backhoe loaders, and graders.
Key segments that contributed to the derivation of the Last Heavy Construction Equipment market analysis are type and application.
Rising Government Investments for Infrastructure Development: In the US, the Infrastructure Investment and Jobs Act (IIJA) passed in 2021 promotes the expansion of the construction sector, in turn creating a significant demand for heavy construction equipment. The legislation provides significant funding to repair and modernize roads, bridges, highways, and transit systems. Additionally, there is a rising need for new infrastructure projects such as public transport, water systems, and renewable energy grids, all of which require heavy construction equipment. In Canada, government investments in urban infrastructure, road networks, and energy projects are driving demand for these equipment setups. The Canadian government's commitment to public infrastructure improvement, including public transport and renewable energy, creates a steady need for heavy construction equipment. In Mexico, large-scale government initiatives such as the Mayan Train and the Trans-Isthmus Corridor are propelling the demand for construction equipment, especially in the transportation and energy sectors.
Based on Geography, the North America Last Heavy Construction Equipment market comprises of US, Canada, and Mexico. The US held the largest share in 2023.
In October 2024, the US Department of Transportation's Federal Highway Administration announced an investment of US$ 62 billion to power several projects as a part of the nation's infrastructure development in 2025. These investments were made from the Biden-Harris Administration's Bipartisan Infrastructure Law for creating bridges, building roads, and tunnel projects across all 50 states. This is expected to boost demand for heavy construction equipment for public works such as roads, bridges, and transit systems. Further, rapid urbanization and population growth with the burgeoning need for housing, urban development, and commercial spaces are also major driving factors for the heavy construction equipment market. Population growth, especially in urban areas, necessitates new infrastructure and housing developments. Technological advancements by the major market players are creating ample opportunity for the heavy construction equipment market growth. For instance, in January 2025, Caterpillar Inc. launched the next generation of Cat Telehandlers for retailers and rental customers. The model names include the Cat TH0842, TH0642, TH1055, and TH1255, which replaced the previous models of TL642, TL943, TL1055, and TL1255 machines, respectively. Rising automation, telematics, and digitalization in construction equipment are also creating significant growth avenues in the market. Innovations in electric and hybrid equipment are also becoming more popular as sustainability becomes a higher priority in the construction industry.
Some of the key players operating in the market includes Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Liebherr Group, and Hitachi Construction Machinery among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisition to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
The Insight Partners’ conduct a significant number of primary interviews each year with industry stakeholders and experts to validate its data, analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 59.85 Billion |
| Market Size by 2031 | US$ 89.29 Billion |
| Global CAGR (2025 - 2031) | 6.05% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Machinery Type
|
| Regions and Countries Covered | North America
|
The North America Heavy Construction Equipment Market is valued at US$ 59.85 Billion in 2024, it is projected to reach US$ 89.29 Billion by 2031.
As per our report North America Heavy Construction Equipment Market, the market size is valued at US$ 59.85 Billion in 2024, projecting it to reach US$ 89.29 Billion by 2031. This translates to a CAGR of approximately 6.05% during the forecast period.
The North America Heavy Construction Equipment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Heavy Construction Equipment Market report:
The North America Heavy Construction Equipment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Heavy Construction Equipment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Heavy Construction Equipment Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
UK+442030260021, US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America Heavy Construction Equipment Market
